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Mammoth Announces Upsizing to $980,000 it's Previously Announced Private Placement Financing
Mammoth Announces Upsizing to $980,000 it's Previously Announced Private Placement
About this update from Mammoth Resources Corp.
[{"type":"text","content":"Toronto, Canada - Mammoth Resources Corp. (TSX-V: MTH), (the 'Company', or 'Mammoth') would like to announce that due to additional demand, the Company has requested and received conditional approval from the TSX to upsize its previously announced non-brokered private placement of up to 30 million units of the Company at an offering price of $0.025 per Unit, for gross proceeds of up to $750,000 to up to 39 million Units, for gross proceeds of up to $980,000.\nThe upsized Private Placement is at the same terms as the previous announcement, wherein each Unit consists of one common share of the Company (a 'Common Share') and one-half common share purchase warrant (the 'Warrant'). Each Warrant will entitle the holder thereof to acquire one Common Share until eighteen months following closing of the private placement, at an exercise price of $0.05. The Company has set no minimum number of Units to be distributed and no minimum dollar amount required to be raised in connection with the Private Placement. The gross proceeds of the Private Placement will be used to advance the Company's Tenoriba precious metal project in Chihuahua State, Mexico, to evaluate potential project acquisitions and support working capital needs.\nThe Private Placement\nThis Private Placement is available to accredited investors. The pricing of this Private Placement was granted under the Venture Exchange Discretionary Waiver Bulletin ('Bulletin'). Under the conditions of the Bulletin, the pricing of the Private Placement was set by the Company's closing share price of $0.025/share, the day prior to the original announcement. The pricing of the Private Placement represents a small premium from the 10-day volume-weighted average share price during the previous 10 trading days of $0.022/share from the date of the original announcement. Securities issued under this Private Placement will be subject to a four-month hold period. In accordance with the requirements of the Investment Dealer Exemption, the Company confirms there is no material fact or material change related to the Company which has not been disclosed. The Company has been granted conditional approval for this Private Placement; however, closing of this Private Placement is subject to receipt of all required regulatory and Exchange approvals. The Company may pay a finder's fees on a portion of the Priv...